Undecided investors will settle fate of Dubai fund Emirates REIT's $400m Sukuk extension plans | Property – Gulf News
The final stretch is in sight for what is turning out to be one of the most intense battle of wits in the UAE’s corporate landscape.
Equitativa, the operator of the Emirates REIT property fund, says it has swung enough investors in favour of its plan to issue new Sukuk certificates to replace the current ones for a $400 million debt issue. And that by June 9, which is the deadline for the submission for the consent, it will have the majority.
Now, opposing this view is the Ad Hoc Group, which features some of the biggest names in the local and international investor space, which says that together they currently constitute 33 per cent of the investor base in the $400 million Sukuk. They are also looking to swing enough of the undecided to join in opposing Equitativa’s move.
Even otherwise, the 30 per cent plus combined strength gives the Group a “blocking position”. Plus, a “majority of certificate-holders – 55 per cent (with only 75 per cent of the 60 per cent of certificate-holders who have voted to date in favour) – remain opposed or have yet to vote, demonstrating the lack of support for the consent solicitation despite the deal being structured to incentivise early voting,” the Group said in a statement issued Monday.
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